European gas prices maintained their bullish momentum
European gas prices maintained their bullish momentum yesterday as weak supply and low stock levels continued to raise concerns. Although Russian flows continued to rebound,…
Brent and WTI 1st-nearby prices are trading below $64/b and $61/b respectively this morning. Time spreads are reducing quickly, pointing to strong concern about short-term demand prospects, as the delay in the vaccination campaign in Europe threatens the summer touristic season. The consensus is also pointing to the fifth weekly increase in a row in US crude inventories. OPEC output restrictions and worries about the recurrent attacks of the Houthis against Saudi Arabia oil infrastructure should nevertheless continue to support prices.
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